Article by
Barbados Today

Published on
February 27, 2017

No need to panic!
Minister of Finance Chris Sinckler acknowledged today that Barbados’ fiscal deficit was still “too high”. However, he sought to reassure Barbadians that there was no “doomsday” scenario facing the island, as he warned his political opponents of the danger caused in constantly suggesting so.
Sinckler also assured that the Barbados dollar was not in any danger of devaluation, even in the face of what called a “stubborn” fiscal deficit and dwindling foreign reserves.
“It is not going to happen at no time in the foreseeable future,” he told reporters during a press conference at Government Headquarters.
In response to recent concerns raised about the state of the island’s foreign reserves which have fallen below the 12 weeks standard cover, the Minister of Finance said it was not the first time that such had occurred, pointing out that in 1998 the reserves fell to 9.1 weeks and in 1999 to 9.9 weeks of imports.
However, he said Government was committed to restoring the reserves to a “comfortable” level.
In this regard, he said a draw down was expected on the Sam Lord’s development project any day now. Sinckler also said Government had settled a loan with First Citizens from which proceeds were expected to flow in the coming days.

Sinckler was joined by Government colleague Donville Inniss (left) at the press conference.
Sinckler, who was flanked by Government colleague Donville Inniss at today’s press conference, was also confident that final approval will be given to the SOL oil deal, which when taken with Sam Lord’s and First Citizens’ monies are expected to rake in some $200 million, pushing the reserves “well above” the desired 12 weeks of imports.
He also revealed that inflows in the amount of $30 million were expected from the Development Bank of Latin America, otherwise known as CAF, and a further US$35 million from the Caribbean Development Bank (CDB) to fund two water projects. Another $50 million in support is also due from the CDB for an education sector enhancement project.
Effective this month, the minister of finance said Government would be tightening up its foreign exchange monitoring.
However, as he prepares for the upcoming Estimates of Revenue and Expenditure, Sinckler assured that no major increases in taxes or major retrenchments were planned. However, he said in a bid to get the deficit down down from eight per cent to 5.5 per cent of GDP, Government was looking at proposals with a number of reputable financial institutions for the refinancing of certain aspects of its domestic debt.

Of course we are not worried Chris . Don’t mind what all the figures say or what Delisle finally got the balls to stand up and say we have full confidence in you . After all we never had a mof as brilliant as you and we trust your every word

Of course we are not worried Chris . Don’t mind what all the figures say or what Delisle finally got the balls to stand up and say we have full confidence in you . After all we never had a mof as brilliant as you and we trust your every word

@Gavin, remember there`s $10m that the bank tell Parris to come and get it out of their vault for what reason I don`t know, the ex Gov. told him bring it and let him keep it for him. But little did I know that when the government borrow from the CB the have to pay back at a very high interest so nothing would be loss on that $10m.

@Gavin, remember there`s $10m that the bank tell Parris to come and get it out of their vault for what reason I don`t know, the ex Gov. told him bring it and let him keep it for him. But little did I know that when the government borrow from the CB the have to pay back at a very high interest so nothing would be loss on that $10m.

Mr. Sinckler, in 1998 & 1999 Barbados had not been downgraded circa 16 times by the various rating agencies. Neither did the business community and so many economists and regular “Joes” been so concerned about the state of the economy with its high debt levels. In 1998 & 1999 we also did not have a problem with a lost of confidence!!
Its important to add a bit of context.

Mr. Sinckler, in 1998 & 1999 Barbados had not been downgraded circa 16 times by the various rating agencies. Neither did the business community and so many economists and regular “Joes” been so concerned about the state of the economy with its high debt levels. In 1998 & 1999 we also did not have a problem with a lost of confidence!!
Its important to add a bit of context.

Tiffany Robinson, all I heard today from MOF is that he got a $30M here, $50m there, another $100m. It sound like some fairy god parents have arrived. Is this borrowed money that the taxpayers have to repay?

Tiffany Robinson, all I heard today from MOF is that he got a $30M here, $50m there, another $100m. It sound like some fairy god parents have arrived. Is this borrowed money that the taxpayers have to repay?

Well, after today’s ramblings, I feel no more confident, am no more assured and still left in no doubt in which this country is heading, downhill fast with a driver that is woefully unable to steer the ship.

A lot of long talk, same old, same old that we have been hearing for the last how long, I forget now….. Projects yet to start, consolidation of the rich, while the poor still sucking salt. We all know that the long promised projects will not provide the much needed foreign exchange, when what comes in immediately goes back out buying the majority of goods and supplies needed for those same projects. The Chinese ain’t even giving you all the money as some of the value is being given in kind, apart from the between 40 to 60% Chinese labourers that are coming to build Sam Lords.
Please we might have been fools in 2008 but we are much wiser and so much poorer now.

Well, after today’s ramblings, I feel no more confident, am no more assured and still left in no doubt in which this country is heading, downhill fast with a driver that is woefully unable to steer the ship.
A lot of long talk, same old, same old that we have been hearing for the last how long, I forget now….. Projects yet to start, consolidation of the rich, while the poor still sucking salt. We all know that the long promised projects will not provide the much needed foreign exchange, when what comes in immediately goes back out buying the majority of goods and supplies needed for those same projects. The Chinese ain’t even giving you all the money as some of the value is being given in kind, apart from the between 40 to 60% Chinese labourers that are coming to build Sam Lords.
Please we might have been fools in 2008 but we are much wiser and so much poorer now.

When you go to the supermarket on pay day and you don’t have to wait in a long line,to pay its panic time,we’ve had enough ,no more promises, time for action, my Granny always said a promise is a comfort for a fool,and we are no fools.

When you go to the supermarket on pay day and you don’t have to wait in a long line,to pay its panic time,we’ve had enough ,no more promises, time for action, my Granny always said a promise is a comfort for a fool,and we are no fools.

Where is his boss? Fruendel has taken a very passive unconcerned seat in the background. No one asked Sinkler about bank rates and how they do as they please, No one asked him if he was positioning himself to become the next leader of the DEMs. It was clear that Chris Sinkler was shadow dancing and Barbadians were sent on a “because I say so” trip. I wonder what’s going through the minds of Donville Inniss, Dr. David Estwick, Dennis Kellman must now realize that he is nothing but rotting old antiquated furniture. Carson Boy you only pick is family connection at the Tourism Authority.

Where is his boss? Fruendel has taken a very passive unconcerned seat in the background. No one asked Sinkler about bank rates and how they do as they please, No one asked him if he was positioning himself to become the next leader of the DEMs. It was clear that Chris Sinkler was shadow dancing and Barbadians were sent on a “because I say so” trip. I wonder what’s going through the minds of Donville Inniss, Dr. David Estwick, Dennis Kellman must now realize that he is nothing but rotting old antiquated furniture. Carson Boy you only pick is family connection at the Tourism Authority.

The only important thing Chris failed to mention was the fact that the Barbados economy would be in better shape if the inept Barbados Private sector would collectively pay Central Govt. The almost $1billion it owes all Govt. agencies.

The only important thing Chris failed to mention was the fact that the Barbados economy would be in better shape if the inept Barbados Private sector would collectively pay Central Govt. The almost $1billion it owes all Govt. agencies.

@Ann Thomas. On target, lady. The guy just (accidentally) overlooked the simple fact you mention…that paying for ANYTHING imported, depletes our F/X reserves, construction materials, furnishings, and a great deal of daily Food & Beverage, and housekeeping consumables. We then gotta pay this all back, in F/X…plus interest. Need I say, that 40 years of tax-free, duty-free anything, to any company, means that we sacrifice TWO THINGS: 1: the F/X that would needs be brought “on-shore” to pay such taxes, and 2: the fiscal impact these would lend to the Treasury in BB$.

The hinted refinancing of “some” domestic loans ( most likely to also enable settlement of huge outstanding/ overdue balances to sundry creditors) are not going to be raised from ANY lender at rates easier than an I.M.F. programme. If the Chinese lend us at what appear to be concessionary rates, you can be sure that they will get their pound of flesh in another, concealed, form.

@Ann Thomas. On target, lady. The guy just (accidentally) overlooked the simple fact you mention…that paying for ANYTHING imported, depletes our F/X reserves, construction materials, furnishings, and a great deal of daily Food & Beverage, and housekeeping consumables. We then gotta pay this all back, in F/X…plus interest. Need I say, that 40 years of tax-free, duty-free anything, to any company, means that we sacrifice TWO THINGS: 1: the F/X that would needs be brought “on-shore” to pay such taxes, and 2: the fiscal impact these would lend to the Treasury in BB$.
The hinted refinancing of “some” domestic loans ( most likely to also enable settlement of huge outstanding/ overdue balances to sundry creditors) are not going to be raised from ANY lender at rates easier than an I.M.F. programme. If the Chinese lend us at what appear to be concessionary rates, you can be sure that they will get their pound of flesh in another, concealed, form.
Any chance you are on the new Financial Advisory Thing?

chris sinkler always coming with a little soft voice and play he sounding so concern, he use to tell us that clico safe till thee cat get thee bag when he know that he don’t give a damm money done stache way and thee pension safe.

chris sinkler always coming with a little soft voice and play he sounding so concern, he use to tell us that clico safe till thee cat get thee bag when he know that he don’t give a damm money done stache way and thee pension safe.

The period 1998/9 was the period of the 8% public workers reduction in salaries together with lay offs and other measures which were seen by overseas rating agencies as taking measures to get the economy back on track. Former PM Erskine Sandiford recently commented “how did we get back here?” How right he is.
It is time the government cut back on various projects such as CARIFESTA which is to be hosted in August. It has only just appointed a secretariat which should have been established in April 2016. The planning is a fiasco. Those who were involved in 1981 when we last hosted CARIFESTA haven’t even been consulted nor have any of the creatives who are expected to make it a success. Minister Lashley commented recently that the cultural industries will help the ailing economy. Such a comment at this stage of developing our cultural industries is wishful thinking.
When will government face the fact that it can no longer finance the Transport Board when the real cost of taking a ride is probably between $8 and $10 per person. CBC is a national disgrace. Its programming has deteriorated over the last thirty years.
We need a serious debate in this country about what Barbadians can reasonably expect government to provide: Water and sanitation for everyone, health care, education etc

The period 1998/9 was the period of the 8% public workers reduction in salaries together with lay offs and other measures which were seen by overseas rating agencies as taking measures to get the economy back on track. Former PM Erskine Sandiford recently commented “how did we get back here?” How right he is.
It is time the government cut back on various projects such as CARIFESTA which is to be hosted in August. It has only just appointed a secretariat which should have been established in April 2016. The planning is a fiasco. Those who were involved in 1981 when we last hosted CARIFESTA haven’t even been consulted nor have any of the creatives who are expected to make it a success. Minister Lashley commented recently that the cultural industries will help the ailing economy. Such a comment at this stage of developing our cultural industries is wishful thinking.
When will government face the fact that it can no longer finance the Transport Board when the real cost of taking a ride is probably between $8 and $10 per person. CBC is a national disgrace. Its programming has deteriorated over the last thirty years.
We need a serious debate in this country about what Barbadians can reasonably expect government to provide: Water and sanitation for everyone, health care, education etc

CCC the TRUTH en come out yet and you know wha I talking bout.You seem to think that short men should only be seen and not heard.
CCC the TRUTH is there for ALL to see and judge for themselves.People like you have to tell yourselves DEM telling the TRUTH.
CCC wha kinda paling cock you is ? DEM don’t want to win the next elections….for what ? to gi DEM more gripe ?
You need to get off the paling and go inside and see wha REALLY gine on jack.

@C C C: do you honestly believe that if you or your party see the truth as big as the “Garrison Savannah” you all could recognize it? No way. There is one caller to VOB that should seriously think of writing a book entitled “The Untruths of the DLP” when they make their exit out of office. I think it would do well.

I have never seen so many people refused to believe the TRUTH.
Barbados Labour |Party members and supporters are a special breed of Bajans. They lap up lies, innuendo, DOOM AND GLOOM, disinformation, misinformation but have great difficulty accepting the TRUTH.
That is why they are sitting comfortably on the opposition benches and they will return to them come the 2018 general elections.

CCC the TRUTH en come out yet and you know wha I talking bout.You seem to think that short men should only be seen and not heard.
CCC the TRUTH is there for ALL to see and judge for themselves.People like you have to tell yourselves DEM telling the TRUTH.
CCC wha kinda paling cock you is ? DEM don’t want to win the next elections….for what ? to gi DEM more gripe ?
You need to get off the paling and go inside and see wha REALLY gine on jack.

@C C C: do you honestly believe that if you or your party see the truth as big as the “Garrison Savannah” you all could recognize it? No way. There is one caller to VOB that should seriously think of writing a book entitled “The Untruths of the DLP” when they make their exit out of office. I think it would do well.

Politricks aside, when economist speak with one voice to highlight the many challenges facing the Barbadian economy, when this minister gave assurances in the past & his utterances came to naught, when an admin lacks the political will to take action, when PM Stuart begins to speak, when the debt & deficit remains high while the reserves plummet, frankly, whenever this DLP leads the country it is time to panic.

Politricks aside, when economist speak with one voice to highlight the many challenges facing the Barbadian economy, when this minister gave assurances in the past & his utterances came to naught, when an admin lacks the political will to take action, when PM Stuart begins to speak, when the debt & deficit remains high while the reserves plummet, frankly, whenever this DLP leads the country it is time to panic.

Chris Sinckler I DON”T BELIEVE A WORD YOU SAY.Every year for the last 8 years you coming wid dis same SH8 .All a dah pretty long talk is to fool people that don’t know….MEASURES…..things working……seeing light at the end of the tunnel……economy expected to grow……economy turned the corner…..economy not grown as expected….. Economy no where near where it should be……..MORE MEASURES.
Sinckler ,ya gine round in circles..ya gine get giddy and fall down
,come wid something new man…ya garbling upper 3.

Chris Sinckler I DON”T BELIEVE A WORD YOU SAY.Every year for the last 8 years you coming wid dis same SH8 .All a dah pretty long talk is to fool people that don’t know….MEASURES…..things working……seeing light at the end of the tunnel……economy expected to grow……economy turned the corner…..economy not grown as expected….. Economy no where near where it should be……..MORE MEASURES.
Sinckler ,ya gine round in circles..ya gine get giddy and fall down
,come wid something new man…ya garbling upper 3.

With all these comments, Chris and the DEMs have only one person who favours DEM. that is an idiot named Carson C Cadogan. I challenged him to come up with a plan to bring Barbados back from the doldrums. He hasn’t ecause HE CAN’T.

With all these comments, Chris and the DEMs have only one person who favours DEM. that is an idiot named Carson C Cadogan. I challenged him to come up with a plan to bring Barbados back from the doldrums. He hasn’t ecause HE CAN’T.

17 downgrades public debt doubled, people sent home after an election promise not to, ssa in trouble no trucks to collect garbage, sewerage issues and the island is still off under the DLP than the BLP according to CCC wow

17 downgrades public debt doubled, people sent home after an election promise not to, ssa in trouble no trucks to collect garbage, sewerage issues and the island is still off under the DLP than the BLP according to CCC wow

Unless I missed something which I might have. But can anyone tell me what purpose did Minister Inniss serve at the press conference? It seems he was there just to lend moral support which he might not normally do.

Unless I missed something which I might have. But can anyone tell me what purpose did Minister Inniss serve at the press conference? It seems he was there just to lend moral support which he might not normally do.

All the personal abuse here will not help Mia Mottley win the Government. She will be outfoxed by Chris Sinckler, mark my word. Say what you like, his address today wasn’t directed to BLP supporters . It was a message of hope to DLP supporters. He does not have to march to get support. He used the news media brilliantly. Where were the BLP operatives at the conference? Couldn’t Mascoll and Straughn prepare some questions for at least one BLP supporter to put Sinckler on the spot? What was the response to Sinckler’s charge that the Government was paying back the money for Dodds which the BLP borrowed? Once again the BLP supporters have been let down by running away from Sinckler and the DLP. Solutions Barbados , once again I am calling on you to come to the aid of the Barbadian people. The BLP is bare booo. A whole lotta long talk and nothing else.

All the personal abuse here will not help Mia Mottley win the Government. She will be outfoxed by Chris Sinckler, mark my word. Say what you like, his address today wasn’t directed to BLP supporters . It was a message of hope to DLP supporters. He does not have to march to get support. He used the news media brilliantly. Where were the BLP operatives at the conference? Couldn’t Mascoll and Straughn prepare some questions for at least one BLP supporter to put Sinckler on the spot? What was the response to Sinckler’s charge that the Government was paying back the money for Dodds which the BLP borrowed? Once again the BLP supporters have been let down by running away from Sinckler and the DLP. Solutions Barbados , once again I am calling on you to come to the aid of the Barbadian people. The BLP is bare booo. A whole lotta long talk and nothing else.

No two economists agree.
Mr Sinckler should limit the number of second hand vehicles imported into this country. Every day you look around all you can see are vehicles piling up in these lots. Also I am noticing residential areas now being turned into mechanical garages. Plenty derelicts harbouring rats and you don’t see an inspector.
We need inspectors now, more than ever.
Country real filthy especially in some of those so-called built up areas.
Standards are falling fast. Will soon look like the ghetto.

No two economists agree.
Mr Sinckler should limit the number of second hand vehicles imported into this country. Every day you look around all you can see are vehicles piling up in these lots. Also I am noticing residential areas now being turned into mechanical garages. Plenty derelicts harbouring rats and you don’t see an inspector.
We need inspectors now, more than ever.
Country real filthy especially in some of those so-called built up areas.
Standards are falling fast. Will soon look like the ghetto.